Cracker Barrel Urges Against Steak 'n Shake Owner's Latest Proxy Fight

Dow Jones10-10

By Dean Seal

Cracker Barrel Old Country Store is urging shareholders to vote for its director nominee slate and reject nominations from Sardar Biglari, a longtime dissident shareholder whose company already owns Steak 'N Shake.

The restaurant chain filed proxy materials on Wednesday ahead of its Nov. 21 annual shareholder meeting, saying Biglari's proxy contest--his seventh in the past 13 years--has been costly and distracting.

"Each time his proxy contests have gone to a vote, our shareholders have rejected Mr. Biglari's nominees and his positions by significant and increasing margins," Cracker Barrel said in a letter to shareholders. "We ask that you reject Mr. Biglari again."

Biglari's holding company, Biglari Capital, owns 9.3% of Cracker Barrel. The company sent shareholders a letter on Tuesday, arguing that misfires by Cracker Barrel's board have sapped $2.9 billion from the company's market value since 2019.

Cracker Barrel fired back Wednesday that its refreshed board and management team has a plan to drive growth and shareholder value going forward.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 09, 2024 12:56 ET (16:56 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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